Lagos – LASACO Assurance Plc on Thursday said it had achieved 13 .4 per cent growth with gross premium rising to N5.63 in 2014 financial period, from N4.98 billion in 2013
This is contained in a statement signed by the Chairman of the company, Mr Ashim Oyekan, at its 35th Annual General Meeting (AGM) in Lagos.
Oyekan said that the continued global economic and financial crisis in the business environment had undoubtedly affected the general performances of insurance companies.
He said, however, that LASACO was able to pay claims on general business and N1,010 billion on life business in the year under review.
He said that the company’s investment income in 2013 grew from N309 to N515 million in 2014.
He said: “This is a reflection of the effort at restructuring the company’s growing investment portfolio in order to achieve good return on investments.
“The company ‘s profit before tax grew by 27 per cent to N525 in 2014, from N412 million in 2013.
“The shareholders’ fund also increased by 9 per cent to N6.4 in 2014, from N5.9 billion in 2013.
“The total asset grew by 6 per cent to N14.2 in 2014, from N13.4 billion in 2013.”
Oyekan, speaking on Insurance Industry in Nigeria generally, lamented the decay of morals and ethics among professionals.
He , however, commended the National Insurance Commission (NAICOM) for its strict enforcement of “No-premium-No cover”.
“The strict enforcement of ” No Premium No Cover’ directive of NAICOM has improved the general health of the insurance Industry.
“This policy resulted in some loss of income from customers, who had to adjust their cover contracts to enable affordability rather than full protection, although we believe there will be more positive effects in the long run.”
[pro_ad_display_adzone id=”70560″]
He also commended the resolve by NAICOM to combat unregulated business acquisition costs, stressing that it would drastically improve the returns on the investments to all stakeholders in the industry.
“We have resolved as a company to be a leader of the Vanguard of Operators,” he declared.
The News Agency of Nigeria (NAN) reports that LASACO was established in 1979 to promote insurance business in Nigeria (NAN)
